Northrop Grumman is a defense and aerospace company that designs, develops, and produces advanced weapons, aircraft, space systems, and electronics primarily for the U.S. military and allied governments. The U.S. government accounts for roughly 84% of sales. Northrop operates across four segments: Aeronautics Systems (stealth aircraft, including the B-21 Raider bomber and B-2 sustainment), Defense Systems (Sentinel ICBM modernization, tactical weapons, solid rocket motors, and IBCS missile defense command and control), Mission Systems (sensors, radars, electronic warfare, and microelectronics), and Space Systems (satellites, missile defense interceptors, and launch propulsion). Northrop sells almost entirely through long-term government contracts, split roughly evenly between cost-type and fixed-price structures. Cost-type contracts reimburse Northrop for costs plus a negotiated fee and are common on high-risk development programs; fixed-price contracts carry more risk but more profit potential and are typical in mature production. Profitability on individual programs evolves over time — development programs like the B-21 carry zero or negative margins early on, with margins expected to improve as programs transition to full-rate production. Northrop's near-term margins and cash flows are pressured by simultaneous ramps of several major development programs. Growth is driven by the B-21 and Sentinel production ramps, international expansion (up 20% in FY25), and a major capacity buildout in solid rocket motors, where Northrop is scaling output from roughly 13,000 to 25,000 units per year by 2029.